The European Parliament Does Not Want Mark Zuckerberg To Be In Power As Central Bank - Kakiforex.com - Financial Market Media No. 1 in the World The European Parliament Does Not Want Mark Zuckerberg To Be In Power As Central Bank The European Parliament Does Not Want Mark Zuckerberg To Be In Power As Central Bank

March 18, 2021

The European Parliament Does Not Want Mark Zuckerberg To Be In Power As Central Bank

 Mark Zuckerberg’s efforts to want to launch Facebook’s digital currency, Diem really worried the European parliament when the authority wanted more power handed over to the European Central Bank (ECB).


In a proposal submitted in September, the European Commission’s Markets in Crypto-assets (MiCA) Regulation wants the ECB to accept a mandate in issuing consistent legislation on producers and service providers of crypto-assets at the EU level.


The amendment, proposed by European parliamentarian Dr Stefan Berger, covers the role of the ECB which needs to act more actively in the validation of new cryptocurrencies. This means that the central bank reserves the right to reject some projects carried out on EU borders.



Dr Berger also argued that the ECB needs to be prepared with stablecoins especially Diem developed with the potential to be able to disrupt the conventional payments market characterized by low cost, scalability and prompt settlement.


More worryingly the power body, with a number of users reaching over 2 billion, Facebook was able to seize the power of the Central Bank overnight. While the currency is not entitled to be owned by a private company, it is still also inappropriate to make Mark Zuckerberg the central banker.


As a result, Dr Berger is confident the digital euro is the best answer to compete with stablecoin including Diem and hopes its launch is expedited before other countries.


Ironically, Dr Berger's statement, the ECB is seen to have lagged far behind in cryptocurrency projects including Diem. Just look at China, which has been busy with several phases of testing the digital yuan since last year.